If we’ve made you an offer to transfer your existing plan fund value to your ARC account - we’ve already done some checks to assess if this could be the right approach for you.

Combining your GPP and ARC plans will give you the convenience and ease of managing your assets in one place. There may be a difference in the management charges that will apply, your transfer offer letter will show whether the plan charges are the same, lower or higher.

You should consider this option carefully because if you choose to transfer, the total charges you’ll pay on ARC could be higher than you’re currently paying for your GPP plan.

the total annual charges that we’ll take from your ARC account will be higher than the total annual charge on your existing plan. You should make sure you understand the impact this will have on what you might get back at retirement.

you had waiver of contributions insurance cover on your existing plan . If you choose to transfer to ARC your GPP plan will be closed and you would lose the option to take out this cover in future.

Your letter may have highlighted that you have a protected tax-free cash entitlement under the existing scheme. This entitlement could potentially be lost on a transfer out, however we’re able carry this protection over into the ARC scheme by making a block scheme membership transfer of funds. There is no action required by you to retain this right. Your exact tax-free cash entitlement will depend on a number of variable factors and will be calculated when you come to take your benefits.

Your Group Personal Pension (GPP) gives you the option of taking out waiver of contribution insurance cover. This is an insurance to help with paying pension contributions to your plan if you become seriously ill or disabled and are unable to work for more than six months.

This cover is not available on your new Aegon Retirement Choices (ARC) account.

If you choose to transfer to ARC your GPP plan will be closed and you would lose the option to take out this cover in the future.

If you do want waiver of contribution cover in the future, you’ll need to restart a pension contribution into your GPP. The cover would be on any contributions you're paying into your GPP plan.

Therefore if you consider that the option to take out waiver of contribution cover in the future is important to you, you may wish to keep the GPP and not ask us to transfer the funds under your GPP to your new ARC account

If you make any changes to your existing plan before the transfer is complete - this may affect the terms of this transfer offer.

This is dependent on the investment you choose. Investment costs on ARC are different to those on your existing plan. When we come to transfer your plan we’ll reassess it before we automatically transfer your fund value. If we can't demonstrate that this would be the the best approach for you, we'll write to you.

If you have another plan with Aegon, not detailed in your letter, we’ve not made an offer to transfer that fund value into your ARC account.

At the moment we’re only offering to move the fund value that you’ve built up in your existing workplace plan, the one detailed in your letter. If you have other plans with us, and you want to consider transferring, you should speak to a financial adviser to find out what your options are.

If you change your mind in the future you’ll still be able to transfer your fund value. However, by transferring after the response date in your letter, we would have to sell your investment in your old pension plan and invest again in your new pension plan.

This could result in your money not being invested in the market (known as out of market) for up to five days. You would miss out on some growth if the markets rise in that period, but would be protected against a loss if they fall in that time.

If we’ve highlighted that you have an entitlement to protected tax-free cash and you choose not to transfer at this time, as part of the block transfer, it may not be possible for you to carry over this protection if you choose to transfer in future. If you want to find out more about protected tax-free cash you should speak to a financial adviser.

If we’ve told you we can move your existing plan fund value to your new ARC account, and you want us to go ahead, you’ll need to complete the Transfer authority form that was included with your letter and return this to us before the deadline date in your letter.

We cannot accept your acceptance of this offer by any other method because we need a hard copy with your signature.

If you change your mind after you’ve returned the Transfer Authority Form, you’ll still have 30 days after receiving the contract note in which to cancel. Our Key features document tells you more about your right to cancel, what we’ll pay back and how to cancel.

If you don’t want to move your existing plan’s fund value to your new ARC account, you don’t need to do anything.

Your existing plan, and the fund value you’ve already built up, will remain as is.

This will mean that you’ll have your new ARC plan, where your ongoing regulars will be paid into, as well as a separate plan for your existing GPP plan. You’ll need to manage them separately, for example if you want to make a change such as switch investments or update your personal details you will need to give us an instruction separately for each plan.

For managing your account online you can log in to your online services.

If you let us know, when you contact us you have another plan with Aegon we’ll be able to transfer you to the correct team, your call will be picked up without joining any call queues, and your query will be dealt with in one call.

You can pay single one-off contributions or set-up regular payments by setting up a Direct Debit instruction (assuming you still have funds in your existing plan, and have not since transferred out).

If you change your mind in the future you’ll still be able to transfer your funds.

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